Foothills Exploration, Inc. (OTCPK:FTXP) announced that it has entered into securities purchase agreement wherein it issued convertible redeemable note under private placement for gross proceeds of $115,000 on September 19, 2019. The transaction included participation from existing investor Odyssey Capital Funding, LLC. The note carries an interest rate of 12% per annum and will mature on September 19, 2020. The company will pay the interest in common stock. If the principal or the interest due on the note is not paid by the maturity date, then it shall bear an interest at the rate of the less of 24% per annum or the maximum amount permitted by law. If the note is not paid by the maturity date, then outstanding principal due under this Note shall increase by 10%. Investor may convert note after the 180th calendar day all or any part of the outstanding and unpaid principal amount and accrued and unpaid interest of due into shares of common stock of the company at the conversion price that is equal to the lesser of 55% multiplied by the lowest trading price during the previous 20 trading days before the issue date of this note. The note may be pre-paid during the initial 60 days making payment of 125% of the principal with accrued interest, during the 61st through 120th days making payment of 135% of the principal with accrued interest, during the 121st through 180th, making payment of 145% of the principal with accrued interest, and no prepayment available after 180 days. The company will issue securities pursuant to an exemption from registration under Rule 506 of Regulation D. The company will pay $5,000 in legal fees and the net proceeds will be $110,000.